Exports of Malaysian Textile Products Grows in 2014
Posted: 10/10/2014 02:10:34 Edited: 10/10/2014 02:10:34Clicks: 10279
Li Zhiliang, Deputy Minister of Malaysia International Trade and Industry Department, pointed out that textile exports in the first half of 2014 was 5.8 billion ringgit (equivalent to 1.782 billion USD). Compared with the same period in 2013, it has increased by 20.8%. The main exported products for Malaysian textile industry are textile yarns, garments and fabrics. They are mainly exported to America, Japan, China mainland and Singapore. The imports of this industry, however, increased by 13.5% on year-on-year basis to 4.2 billion ringgit. Main imported products are textile and garments from China mainland, Indonesia, Vietnam, Taiwan and Thailand.
In 2013, the export sales of textile products was 10.2 billion ringgit and the import sales was 7.7 billion ringgit. In the first half of 2014, Malaysian production index of textile products reached 108.8, grew by 12.7% on year-on-year basis. This demonstrated that textile and apparel industry had been stimulated by revived economy. It is going back to the right development direction and expanding its development scope.
Deputy minister Li declared that although the textile and garments manufacturers in Malaysia had been free of European Union general preferential system from the beginning of 2014, they could still benefit from Malaysia-Turkey free trade agreement and export products to EU with tax relief. Manufacturers can make profits by exporting products like pique knitted fabrics and rib knitting fabrics through this method.
On the other hand, the weak ringgit in recent days directly influences imports and exports of Malaysian textile and apparel industry. The 6% consumption tax policy which will be put into effect from 1st April, 2015 will further weaken the purchasing power of consumers.
In 2013, the export sales of textile products was 10.2 billion ringgit and the import sales was 7.7 billion ringgit. In the first half of 2014, Malaysian production index of textile products reached 108.8, grew by 12.7% on year-on-year basis. This demonstrated that textile and apparel industry had been stimulated by revived economy. It is going back to the right development direction and expanding its development scope.
Deputy minister Li declared that although the textile and garments manufacturers in Malaysia had been free of European Union general preferential system from the beginning of 2014, they could still benefit from Malaysia-Turkey free trade agreement and export products to EU with tax relief. Manufacturers can make profits by exporting products like pique knitted fabrics and rib knitting fabrics through this method.
On the other hand, the weak ringgit in recent days directly influences imports and exports of Malaysian textile and apparel industry. The 6% consumption tax policy which will be put into effect from 1st April, 2015 will further weaken the purchasing power of consumers.
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